Voonik

Voonik.com
Type of site
 Private
Founded 2013
Headquarters Bengaluru
Area served India
Founder(s) Sujayath Ali and Navaneetha Krishnan
Industry Ecommerce
Services E-commerce
(Online shopping)
Slogan(s) Har Din Fashion Karo
Website www.voonik.com
Alexa rank 220 : India (June 2016)[1]

Voonik is an online marketplace operating in products for women’s fashion.It works on a 10,000 rule algorithm to help users find the right product on the basis of filters like skin tone, body type and preferences.[2] The company is based in Bengaluru, Karnataka.[3]

The startup was launched as a personal mobile application, before developing a website.[4]

Background

Voonik was founded in 2013 by Sujayath Ali and Navaneetha Krishnan.[5] The company is based in Bengaluru and has 450 employees, as of June 2016.[6]

According to a report published by VCCircle in June 2016, the e-commerce platform claims to have an annual gross merchandise volume of more than USD 80 million, with over 10 million registered users and 8 million app downloads.[7]

Business model

Voonik claims to work on a 'lean' marketplace business model, under which retail stores register and showcase their products. It operates with no inventory and fulfillment centers. As per a report published in June 2016 in VCCircle, the e-commerce platform claims to offer 15 lakh products from about 15,000 sellers.[8]

Voonik does not carry inventory or manage the delivery of orders. Instead, the online marketplace gathers products from various merchants.[3]

Technology

Voonik plugs in MADstack, a cloud-based suite of computer vision and AI modules to create new experiences for customers with visual recommendation. MADstack contains several modules, including object recognition, gesture recognition, emotion recognition and many more powering a wide range of applications and verticals. This technology enables the online marketplace to recognize several aspects of a consumer’s experience across physical and digital spaces, resulting in suggestions that suit their built, lifestyle, choice and budget.[9]

MADstack is developed by Mad Street Den, a Chennai-based artificial intelligence startup.[10]

Marketing campaign

In January 2016, Voonik launched its first TV ad campaign featuring ace Bollywood director Farah Khan. The campaign was titled Har Din Fashion Karo, aimed at promoting the idea that every day is an occasion to be fashionable.[11]

Funding

Voonik raised funding worth USD 5 million in Series A round of funding from Sequoia Capital and an initial funding from Seedfund.[5] In Series B round of funding, the e-commerce player raised USD 20 million. The round was led by Sequoia Capital with participation from Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah.[12]

Acquisitions

References

  1. ↑ "voonik.com Site Overview". Alexa Internet. Retrieved 18 June 2016.
  2. ↑ "Voonik.com looks beyond the brand". The Hindu. 7 March 2016. Retrieved 8 June 2016.
  3. 1 2 "Fashion Discovery And Shopping App Voonik Gets $5M From Sequoia And Seedfund". TechCrunch. 10 June 2015. Retrieved 8 June 2016.
  4. ↑ "Personal shopping app startup Voonik opens web shop now". The Economic Times. 18 November 2015. Retrieved 8 June 2016.
  5. 1 2 "Voonik enters premium e-commerce segment, acquires three start-ups". Live Mint. 7 June 2016. Retrieved 8 June 2016.
  6. ↑ "Retaining talent? New startups award up to 40% hike, paid vacation". The Hindustan Times. 1 June 2016. Retrieved 8 June 2016.
  7. ↑ "Voonik acqui-hires three startups, launches premium e-commerce platform Vilara". VCCircle. 6 June 2016. Retrieved 8 June 2016.
  8. ↑ "Sequoia leads $20 mn funding round in fashion marketplace Voonik". VCCircle. 16 June 2016. Retrieved 6 July 2016.
  9. ↑ "Now, you can use artificial intelligence to pick a Bollywood saree". Tech in Asia. 6 June 2015. Retrieved 10 July 2016.
  10. ↑ "Mad Street Den launches global AI-based fashion platform". Business Standard. 20 January 2016. Retrieved 10 July 2016.
  11. ↑ "Voonik launches its first TVC featuring Farah Khan". The Financial Express. 7 January 2016. Retrieved 10 July 2016.
  12. ↑ "Voonik raises $20 million in funding". The Times of India. 16 June 2016. Retrieved 22 June 2016.
  13. ↑ "Online fashion retailer Voonik acqui-hires virtual dressing room app TrialKart". Business Standard. 26 August 2015. Retrieved 18 June 2016.
  14. ↑ "Voonik plans foray into Men's fashion, acqui-hires Getsty to scale up". The Economic Times. 24 February 2016. Retrieved 18 June 2016.
  15. ↑ "Voonik acquires three startups to build its premium fashion product Vilara". The Economic Times. 6 June 2016. Retrieved 18 June 2016.

External links

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